Industrial and Commerical Bank of China (SHA:601398) stock increased 15% after its first day of trading. The stock raised $21 billion in its initial public offering last week and are the largest bank in China. They have 355,000 employees and $800 billion in assets. They are one strong bank that shouldn’t be going anywhere for a long time. There has been a lot of foreign interest in these Chinese banks due to the expoding growth in their economy. With annual GDP growth of over 10% for the last 7 years or so, you can tell that all forms of business are going to be doing well. While I was in China, I did my banking through the much smaller and more inconvenient China Merchant’s Bank. That was probably a poor choice in a bank since they weren’t as common thus making their ATMs for. I still have my debit card, and there is probably a chance my account might still be open (although with pennies as a balance).<\/p>\n
Source – International Herald Tribune<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Industrial and Commerical Bank of China (SHA:601398) stock increased 15% after its first day of trading. The stock raised $21 billion in its initial public offering last week and are the largest bank in China. They have 355,000 employees and $800 billion in assets. They are one strong bank that shouldn’t be going anywhere for … Continue reading ICBC surges 15% in first day of Trading<\/span>